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Stock futures flat ahead of corporate earnings

written by Bella Palmer
stock-futures

Futures tied to the S&P 500 slipped less than 0.1 per cent, Futures for the Dow Jones Industrial average edged up eight points, or less than 0.1 per cent, while Nasdaq 100 futures slid less than 0.1 per cent

Stock futures were flat on Sunday evening as Wall Street looks to build on another positive week.

Futures tied to the S&P 500 slipped less than 0.1 per cent. Futures for the Dow Jones Industrial average (DJIA) edged up eight points, or less than 0.1 per cent, while Nasdaq 100 futures slid less than 0.1 per cent.

The moves come after the three major averages advanced for the 13th week out of 14, powered by a stronger-than-expected January jobs report and strong earnings reports from Microsoft and Meta Platforms. The gains came even though Federal Reserve Chair Jerome Powell said Wednesday that the central bank would likely not reduce rates in March, as some traders had been anticipating.

The fundamental narrative survived a robust stress test this week and it is hard to poke a hole in either the earnings power of US tech or the wider growth/inflation tradeoff. The tactical setup, nevertheless, looks demanding and I’m a bit doubtful the next few months will sustain the same degree of upside torque that we witnessed in the past few months, Tony Pasquariello, global head of hedge fund coverage at Goldman Sachs, said in a note to clients on Saturday.

This week has another full slate of earnings, including McDonald’s on Monday and Ford on Tuesday.

Traders will also be keeping an eye on the Middle East, where the U.S. began airstrikes in Iraq and Syria on Friday. U.S. National security adviser (NSA) Jake Sullivan told NBC News’ “Meet the Press” on Sunday that the U.S. plans to make “additional strikes” against Iran-backed groups.

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